Bulgarian lev

Bulgaria spends approximately a billion leva (half a billion euros) annually due to its decision to maintain its own currency, according to financial consultant Deyan Vassilev. On Nova TV, he noted that the currency exchange alone costs the country around 500 million leva each year, highlighting that this inconvenience hinders Bulgaria's integration within the European market.

Bulgaria is planning to transition from the leva (BGN) to the euro (EUR) in just over a year as part of its strategy to enter the Eurozone. While the exact date remains uncertain, the implications of this shift are clear. The newly adopted euro law outlines the process and addresses potential consequences of further delaying Eurozone membership.

Recent changes to the Law on Payment Services and Payment Systems regarding the adoption of the euro have raised concerns among legal experts about potential contradictions with the already enacted Law on the Introduction of the Euro.

During the first six months following Bulgaria's adoption of the euro, "Bulgarian Posts" will offer free exchange of banknotes and coins from levs to euros at the official exchange rate, with a daily limit of 1,000 leva per person. For exchanges between 1,000 leva and 10,000 leva, customers will need to submit a request 3 to 5 working days in advance, but only at designated post offices.

By the end of July, Bulgaria reached a new record for the value of money in circulation, according to data from the Bulgarian National Bank. The total amount of banknotes in circulation hit a historic high of 29.168 billion leva, surpassing the previous record set at the end of last year by more than 342 million leva.

The Bulgarian Parliament has approved the Law on the introduction of the euro, which outlines the procedures for rounding prices following the currency switch. This legislation is designed to manage the transition from the leva to the euro once Bulgaria joins the Eurozone, detailing how prices will be displayed in both currencies for a month.

The Bulgarian National Bank has reported a rise in counterfeit 100 leva bills, according to statistics released on its website. In the second quarter of the year, there were 230 fake 100 leva notes identified and confiscated.

With Bulgaria set to adopt the euro, a transitional period will begin, during which prices for goods and services will be displayed in both levs and euros. This dual pricing phase will start one month following the official decision by the EU Council to adopt the euro and will last for 12 months. However, certain items and services will only display prices in euros.

Bulgaria celebrates 144 years since the creation of the Bulgarian lev. June and July are significant months in the country's monetary and financial history, marking the inception of several key institutions still influential today.

As Bulgaria inches closer to potential entry into the Eurozone, a closer examination of the nation's banknote circulation provides valuable insights into its monetary landscape.